Cases
Taro Pharmaceutical Industries, Ltd. (NYSE : TARO)
Securities Class Action
Overview
Overview
- Date:
- 10/26/2016
- Company Name:
- Taro Pharmaceutical Industries, Ltd.
- Stock Symbol:
- TARO
- Class Period:
- FROM 7/3/2014 TO 9/9/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, October 26, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the New York Southern District Court on behalf of all persons or entities who acquired Taro Pharmaceutical Industries, Ltd. (NYSE : TARO) securities between July 3, 2014 to September 9, 2016 (the “Class Period”).
According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) since 2014 Taro Pharmaceutical has colluded with other pharmaceutical companies to keep the price of generic products artificially high; (2) the foregoing conduct violated federal antitrust laws; (3) in turn, Taro Pharmaceutical's revenues during the Class Period were the result of illegal conduct; and (4) as a result, Taro Pharmaceutical's public statements were materially false and misleading at all relevant times. On September 9, 2016, Taro Pharmaceutical revealed that its subsidiary and two senior officers received grand jury subpoenas from the United States Department of Justice, Antitrust Division, seeking documents regarding the sale of generic pharmaceutical products. On this news, shares of Taro Pharmaceutical fell $4.94 per share or almost 4% to close at $119.42 per share on September 23, 2016. On October 17, 2016, NECA-IBEW Welfare Trust Fund filed an antitrust class action lawsuit against Taro Pharmaceutical and several other pharmaceutical companies alleging that they engaged in the price-fixing of Clobetasol since 2014 in violation of the U.S. antitrust laws.
If you acquired Taro securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) since 2014 Taro Pharmaceutical has colluded with other pharmaceutical companies to keep the price of generic products artificially high; (2) the foregoing conduct violated federal antitrust laws; (3) in turn, Taro Pharmaceutical's revenues during the Class Period were the result of illegal conduct; and (4) as a result, Taro Pharmaceutical's public statements were materially false and misleading at all relevant times. On September 9, 2016, Taro Pharmaceutical revealed that its subsidiary and two senior officers received grand jury subpoenas from the United States Department of Justice, Antitrust Division, seeking documents regarding the sale of generic pharmaceutical products. On this news, shares of Taro Pharmaceutical fell $4.94 per share or almost 4% to close at $119.42 per share on September 23, 2016. On October 17, 2016, NECA-IBEW Welfare Trust Fund filed an antitrust class action lawsuit against Taro Pharmaceutical and several other pharmaceutical companies alleging that they engaged in the price-fixing of Clobetasol since 2014 in violation of the U.S. antitrust laws.
If you acquired Taro securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.